The Equity Release Council has appointed a new standards committee which will be responsible for developing its consumer safeguards.

A committee of 11 members will be in post for two years and will be made up of experts from across the Council's membership.

The Council’s predecessor, Safe Home Income Plans, launched the first product standards in 1991, in advance of the regulation of the mortgage and lifetime mortgage markets in 2004.

Following a major organisation-wide governance review, the representative body for the UK equity release sector revealed, its standards committee is replacing the former standards board. Its composition has been expanded and reflects the trade body’s ability to bring together all disciplines involved in delivering positive customer experiences, including providers, advisers, solicitors, surveyors and tech platforms.

The Council stated that it is now recruiting an independent chair to oversee the standards committee and a new member panel, which will inform the organisation’s business planning and strategic direction.

“Our standards committee will continue to evolve our safeguards to meet changing consumer needs,” said CEO, Jim Boyd.

“The importance of our safeguards has remained a constant for over 30 years. This commitment to industry improvement has transformed the profile and reputation of equity release with consumers, government and regulators alike.

“Council standards are stronger than ever following the launch of our fifth product standard last year, giving all new customers the option to pay down their loan via voluntary penalty-free partial repayments.

“Modern equity release is a trusted and socially important product that enables older people to meet daily living expenses, make aspirational purchases or support their loved ones. It should be on all homeowners’ financial checklists as they approach later life.”

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